11 §8-1116. Securities intermediary as purchaser for value
Title 11: UNIFORM COMMERCIAL CODE
Article 8-A: INVESTMENT SECURITIES HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
Part 1: SHORT TITLE AND GENERAL MATTERS HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
§8-1116. Securities intermediary as purchaser for value
A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder. [1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORY
1997, c. 429, §B2 (NEW).